I laid out a set of scenarios, and it's impossible to know what would have happened had US laws been enforced.

Bankruptcy is a legitimate option -- many companies with productive assets survive and thrive after restructuring. Even a liquidation tends to preserve functioning assets.

Regardless, the larger point stands that it's bad, actually, for the US to selectively enforce laws. In particular, anticompetition enforcement has been notoriously lax for a generation. Hard to make an affirmative case that regulators should continue to ignore existing laws the way they have been doing.